Loading ...Jim Rickards: China wants gold so it can share market-rigging power
Submitted by cpowell on 05:51AM ET Tuesday, May 19, 2015. Section: Daily Dispatches
8:50a ET Tuesday, May 19, 2015
Dear Friend of GATA and Gold:
In the latest edition of his newsletter, Strategic Intelligence, James G. Rickards elaborates on a point often made by your secretary/treasurer, as last week in an interview with Dave Kranzler and Rory Hall on their “Shadow of Truth” program:
http://www.gata.org/node/15341
That is, China is not acquiring gold because it wants to liberate the currency markets from rigging by Western central banks or because it wants to impose on itself the restraint of a gold standard but because it wants its own power to rig the currency markets.
Rickards writes: “China wants to do what the United States has done, which is to remain on a paper currency standard but make that currency important enough in world finance and trade to give China leverage over the behavior of other countries.